Bitcoin Means Smooth Sailing For Offshore Sports Betting Sites
Updated: May 29, 2023
Local sports betting venues and kiosks are commonplace in much of the world, with several international regions also coming onboard in embracing the pastime.
That said, no sports wagering market is growing more quickly than that in the US, as nearly 20 states have legalized the activity since the Supreme Court overturn of the Professional and Amateur Sports Protection Act (PASPA, 1992) in mid-2018.
In fact, according to CNBC, more than half of Americans live in states that will offer regulated sports betting within the next year or two.
However, even as locally regulated betting shops and domestically operated Internet sportsbooks come online, the options provided for by offshore betting sites remain superior for most bettors in most areas.
The reason for this is simple: Bitcoin support.
No domestic sportsbook in the US or any other country currently accepts Bitcoin (BTC) as a banking option, meaning that you cannot deposit or withdraw with the popular cryptocurrency at these venues.
For many bettors and punters, that’s a deal breaker, as Bitcoin is fast becoming a major industry unto itself, threatening to eclipse many online payment platforms the world over.
To be certain, Bitcoin and other cryptocurrency (aka altcoin) support is not the only reason to use offshore betting sites instead of local domestic options. However, it’s arguably the most compelling reason, and it remains so for both the US and international markets.
Benefits of Bitcoin
There are several overarching reasons to use Bitcoin when patronizing an offshore sports betting service, which is why so many people are turning to the revolutionary non-fiat currency alternative.
While some of BTC’s selling points may not appeal to or seem mission critical for all users, the aggregate of features on offer demonstrate how Bitcoin remains in a class of its own re electronic financial transactions.
- No transaction fees – When you use BTC to deposit or withdraw at offshore betting sites, there are no added transaction fees. The only transfer surcharges you will ever pay with Bitcoin are those natively assigned by the cryptocurrency itself, and these usually amount to pennies at most.
- Next-level security – Bitcoin offers the best data security measures of any financial product – or any electronic product – in the world. Bitcoin is said to be quantum hacking resistant, and the open ledger blockchain technology originated by BTC is the gold standard in encryption and fraud prevention.
- Greater anonymity – Bitcoin is not fully anonymous, but it offers greater anonymity than any banking product on the market. Bitcoin uses numerical wallet addresses – not identities – to send and receive money, and online gamblers value their privacy to a high degree. The old saying is “The Internet is forever.” With BTC, privacy is paramount.
- Accepted worldwide – Bitcoin is accepted worldwide, and it can be sent person-to-person, person-to-business, business-to-person, or business-to-business quickly and easily. There are no banks to hold up your transfers and make you wait days when you want to bet on tonight’s game or match, and there are no watchdogs sniffing around to delay or intercept your private BTC transfers.
- Larger deposit bonuses (US, CAN only) – For US and Canadian sports bettors, Bitcoin deposits come with the online betting industry’s biggest promotions. While those in other countries cannot take advantage of these at this time, they’re still a huge bonus (literally!) for eligible bettors.
- Same-day withdrawals – Bitcoin is the only way to receive same-day withdrawals from major online betting sites. Other payouts, regardless of the type (bank wire, money order, courier check, etc.) will all take at least 3-5 days, but Bitcoin withdrawals will typically show up in your wallet within an hour or two.
Despite its efficacy for online gambling and sports betting, Bitcoin isn’t going to be right for everyone, and many bettors who are used to dealing with fiat money or traditional credit/debit banking are trepidatious to get into a new form of technical currency.
That said, the main issue holding bettors back from embracing BTC is the initial buy-in process. In most markets, including the US, new Bitcoin users have to go through a lengthy acquisition process that can take up to 10 days.
Fortunately, there is a workaround for this.
In the US, new users can get Bitcoin in just a few minutes by using the Zelle-to-Bitcoin process. Zelle is a product of the US banking industry, and most bank account holders already have access to Zelle. Via this instant transfer system, would-be crypto bettors can use Zelle to purchase BTC at a private exchange called LocalBitcoins.com.
This reduces the initial buy-in from days to minutes, and LocalBitcoins does business in more than 200 countries around the world. This gives international punters the same fast way to get their hands on BTC and transfer it to their betting sites of choice.
How To Buy Bitcoin At LocalBitcoins
The steps to purchase BTC quickly and easily at LocalBitcoins follow, showing the process for American bettors. However, regardless of the country you’re in, the main procedure will be largely the same. (Some US-centric books will walk their customers through the Zelle-to-BTC process from their cashier/deposit pages.)
- Create a free account at a reputable offshore sportsbook.
- Create a free account at LocalBitcoins.com.
- Use Zelle (US bettors) or another instant transfer product (International bettors) to purchase BTC from a private seller on LocalBitcoins.
- Use the Bitcoin to deposit into your sports betting account.
- Place your bets!
Note: LocalBitcoins, though powered by private buyers and sellers, is very safe to use. The site uses an escrow system to hold any BTC after a sale is agreed to, giving the seller zero opportunity to abscond with your funds.
When regulated, US-based sports betting first became a wide-scale reality in 2018, there was much talk of offshore sportsbooks eventually being hampered by the legislation and the move toward domestic bookmakers.
But this hasn’t been the case, and membership is up across the board at offshore books in the roughly 18 months since PASPA was eliminated. Even in countries that have had domestic books in operation for years, offshore sites thrive.
And Bitcoin remains the biggest reason why.
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